Yesterday, Vyant Bio Inc (NASDAQ:VYNT) was in focus after the company announced its financial results for the second fiscal quarter that ended on June 30, 2022, and also for the first half of the year. Investors seemed to have been suitably impressed by the numbers and the stock jumped by as much as 5% in the pre-market session.
Trading Data
On Monday, VYNT stock fell 3.31% to $0.73 with more than 15K shares, compared to a volume of 94K shares. The stock moved within a range of $0.7300 – 0.7800 after opening trade at $0.75.
Vyant Bio Reports Second Quarter and First Half 2022 Results and Provides Strategic and Business Highlights
It may be a good idea now to take a look at some of the highlights. The company noted that it had cash and cash equivalents to the tune of $11.8 million at the end of the period, which gave it a cash runway of 18 months.
In addition to that, Vyant had also managed to raise more equity capital options by way of an equity line of credit from Lincoln Capital worth $15 million. On the other hand, the company also signed an ATM worth $14.5 million with the firm Canaccord Equity.
The losses for the second quarter widened to $4.3 million from $4 million in the prior year period. In the first half of 2022, the loss from continued operations stood at $8.7 million and that reflected a drop from the losses of $11.5 million in the corresponding period in 2021.
Key Quote
“We are highly focused on validating the power of our drug discovery platform in a planned human proof-of-concept clinical trial beginning in early 2023,” stated Jay Roberts, CEO of Vyant Bio. “We believe there are significant value creation drivers unique to Vyant Bio in the drug discovery sector. The traditional ‘target-based’ approach to discovering and developing treatments for neurological diseases is not ideal. Current approaches are expensive, inefficient, and almost always unsuccessful. What differentiates Vyant Bio is our ‘disease-first’ approach that brings a human understanding of disease biology into the lab, providing a greater level of certainty to neurological drug discovery”.
Technical Data
VYNT stock is trading below the 20-Day and 50-Day Moving averages of $0.81 and $0.83 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.16. The company has a total market capitalization of $21.17 million. The stock is down 17% over the past month.
